China’s SVOLT, 2023 aims at European production of battery cells

The plant, announced earlier this year, will increase annual output to 24 gigawatts in 2026, according to slides shown during the conference. The group presentation showed Eastern Europe as a possible country.

The site selection for the plant, which will swallow more than 2 billion euros in investment, “will be completed by the end of the year,” Jeffrey Yambrick, vice president of international marketing and sales at SVOLT, said on Tuesday.

SVOLT Energy Technology, which was carved by China’s Great Wall Motor Co., is aiming to start producing battery cells in Europe in early 2023, an executive said during the Frankfurt auto show.

Contemporary Rp Amperex Technology Co is currently spending up to 1.8 billion euros to build a battery cell manufacturing facility in the German city of Erfurt, as a growing number of Asian players are setting up stores in Europe./Investing.com